Court approval of initial payment plan clears the way for dividend distribution

Creditors of the failed Moulin Global Eyecare Holdings and related firms will receive an initial payment of 10 per cent to 12 per cent of their dues under a plan approved by the Court of First Instance yesterday.

Loan used to finance final tranche of eyewear giant's payment for US retailer

Cary Ma Lit-kin, the chief executive of scandal-tainted eyewear giant Moulin Global Eyecare Holdings, was being pursued by unlicensed money lenders as his company teetered on the brink of bankruptcy in April last year, according to a court document.

The United States subsidiary and most valuable asset of bankrupt Moulin Global Eyecare Holdings could be in trouble. In a development that will hound Moulin's creditors, Eye Care Centers of America yesterday revealed its own financial health was precarious.

The provisional liquidators of debt-ridden Moulin Global Eyecare Holdings are considering long-term plans to list the Hong Kong-listed firm's United States subsidiary, Eye Care Centers of America (ECCA), even as their efforts to secure the company's mainland assets continue to be hampered by the extended family of its former controlling shareholders.

Assets of debt-ridden Moulin Global Eyecare Holdings are being sold off to the highest bidders, with its core mainland business snapped up for about $100 million by the same three investors who had triggered the Harbin Brewery Group takeover.